Posted on 01/17/2020 8:01:54 AM PST by Olog-hai
Construction of new homes surged in December to the highest level in 13 years, capping a year in which falling mortgage rates and a strong labor market helped lift the prospects of the housing industry.
The Commerce Department reported Friday that builders started construction on 1.61 million homes at a seasonally adjusted annual rate in December, up 16.9% from the November pace of home building.
Housing construction has been rising since July, helped by falling mortgage rates and increased demand as the unemployment rate approached a half-century low. For the year, builders started work on a total of 1.29 million homes, the best showing since 2007.
The December building rate was the strongest number since December 2006 during the last housing boom. …
(Excerpt) Read more at apnews.com ...
Winning.
I do some work involving this type of data. Since the Great Recession residential investment has been below historical levels as share of GDP.
Trump’s fault.
Somehow they’ll write it that way.
That will keep the illegal aliens employed.
Go to any construction site and see if you can find more than one English speaking person.
This is the last straw...Trump must be impeached!
Wonderful. Elect Lying Liz and watch it fall 100%.
For the year, builders started work on a total of 1.29 million homes, the best showing since 2007.
Hmmm, that doesn’t say much for the Barackalypse now does it?
My son took a trip to the beach last weekend and passed through rural SE North Carolina.
He said there was a tremendous amount of sod being grown in fields that would otherwise be laying fallow for the winter.
No one plants sod expecting the economy to be headed for a downturn.
US housing construction jumps 16.9% in December
Associated Press ^ | January 17, 2020 | Martin Crutsinger
Posted on 1/17/2020, 8:01:54 AM by Olog-hai
Construction of new homes surged in December to the highest level in 13 years, capping a year in which falling mortgage rates and a strong labor market helped lift the prospects of the housing industry.
The Commerce Department reported Friday that builders started construction on 1.61 million homes at a seasonally adjusted annual rate in December, up 16.9% from the November pace of home building.
Housing construction has been rising since July, helped by falling mortgage rates and increased demand as the unemployment rate approached a half-century low. For the year, builders started work on a total of 1.29 million homes, the best showing since 2007.
The December building rate was the strongest number since December 2006 during the last housing boom. …”
Cue the nay sayers who never post any postive comments when good news like this comes out.
“...the best showing since 2007.
The December building rate was the strongest number since December 2006 during the last housing boom.”
Remember what happened in 2008? Could that happen again? I don’t know. What I do know is that home prices will soon start rising faster than people’s wages will increase. That’ll be the case for both new construction and existing homes. Lenders will start doing fancy footwork again in order to shoehorn buyers into a higher qualification brackets so the buyers can afford to buy their dream homes. Lenders will overextend on credit. Buyers will overextend on their payment. Plus, rising home values will increase the home’s equity. Home owners will overextend on treating their homes like ATM machines.
I’ve seen this movie before...
[[US housing construction jumps 16.9% in December]]
And Elizabeth Warren, the faux Indian, is promising to outlaw all new house construction, claiming she will end all new private home ownership
*For the peons, not the Ruling Elites...
We have been on a much longer than typical run in housing. This is because we are just NOW approaching the amount of homes we need to build to keep up with a population of 330 million. We underbuilt for 10 years.
Keep in mind houses on average only last 75 years. They burn down, get wiped out by hurricanes, demolished in Detroit, torn down and rebuilt.
We are moving to a different type of housing than we were for the last 50 years. Our children are not buying houses. They are CHOOSING to rent. They are also not having children, or as many. This results in more multifamily, mixed use and less single family. The age of the McMansion is over. People do not want 4-7000 square foot houses. They are too expensive to maintain, heat and cool.
Multiuse is becoming more popular around the north east/New England. This is a building where the ground level is retail, commercial. The upper floors 2-5 are apartments or condos.
The aging population also is having an effect on starts in square footage and geography. People continue to leave IL, NY, NJ, RI, CT and CA. They are moving to FL, TX, AZ, ID, NC, SC, UT, NV & MT.
So, starts may not be that great in Rochester, NY but Boise and Austin are BOOMING.
Those canavan-ers need houses.
Betcha none of it is going on in Detroit.
Oops I’ll is supposed to be will. I hate Auto incorrect...
We’re in Charlotte and have previously considered moving downtown to just such a situation (condos over retail shops), but I’m tired of this city. What you said about booming is right. Most houses in our neighborhood have been going in a few days for the last several months...and we’re just now entering the spring upswing with only two upper-end homes available. The wife and I are considering selling. We have a lake lot in SC, but finding a builder has been troublesome. May just buy an RV and hit the road.
“And Elizabeth Warren, the faux Indian, is promising to outlaw all new house construction, claiming she will end all new private home ownership”
yet, tellingly, she said nothing about banning new teepee construction or ending private teepee ownership ...
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